Monthly Archives: March 2007

Design of a multilateral regime for emissions trading

The most difficult questions about the management of climate change are not about taxes or trading but about the weakness of multilateral regimes. Their recent history should worry anyone who wants a global answer to a problem of managing a global commons.

In my submission to the Prime Minister’s Task Force on Emissions Trading I draw some lessons from the history of multilateral trade and climate/emissions agreements that could be applied to the design of a new regime to replace the Kyoto Protocol in 2012.